The amount owed to a director includes any expenses recorded as Director’s Expenses as well as any salary and dividend payments recorded. Once you have recorded salary and dividend payments for one or more directors please then record the actual withdrawal of money to them in the 'Directors Withdra...
The remainder of your income which exceeds the income tax threshold is made up through dividends. Dividends are payments made to company shareholders from the profits of the company after corporation tax. If you draw dividends that take your income beyond the basic rate tax band, you may incur a pe...
First Accounting Year End Date
The end date of the company's first accounting year. For limited companies this is usually one year after company formation (and the end of that month).
Fixed assets are items that bring in economic value to the business for a period longer than 1 year to the business. This includes assets of a business that are intended for use on a continuing basis in the company's trading activities. This includes fixtures and fittings, equipment (such as a lapt...
Interim Accounts display your year end documents as if today was the end of your financial period. In other words, the interim accounts show your company's current financial position.
Written Down Value
From a taxation perspective, the Written Down Value is the value of an asset minus any capital allowances.
A unique identifier assigned to an invoice by the seller. We use a consecutive numbering system, with the first invoice in the app assigned a suffix of 0001, and the next 0002 etc.
A money transfer is the movement of money from one business account to another. A business account can be a bank account or credit card registered in your company's name. Money can be moved freely between any of these three account types. Note: that the from and to accounts cannot be the same.
National Insurance number
Your National Insurance (NI) number is your personal identifier for the social security system. This identifier ensures that your National Insurance contributions and tax are properly recorded. Let your Account Manager know if there are any changes to your NI number.
This is your Unique Tax Reference number and can be found on the top left hand corner of your previous tax return or any Self Assessment correspondence from HMRC. If you don't have a UTR number you can apply online at http://online.hmrc.gov.uk/registration/ and then click individual.